1845.

LAWS OF MARYLAND.

CHAP. 192.

decimal sums only as aforesaid; all dividends or interest
not claimed within three years from the day on which it
became due, shall be forfeited to the company and car-
ried to its account of profits and loss.

Payment of
dividends.

SEC. 14. And be it enacted, That the payment of the
dividends mentioned in the foregoing section, shall be
made in the bonds of the company, redeemable at plea-
sure and bearing an interest of four per cent, payable an-
nually; but it shall be lawful for said company to with-
hold in any one year the payment of the interest on said
bonds in whole, or in part in the event of its having met
with losses absorbing; its profits lor that year; nor shall
any interest be paid thereon as long as by the payment
of any losses its capital shall be less than it was at the
date when said bonds were issued; and the loss of in-
terest on said bonds on that account shall not give right
to its payment at a future period, but the said interest
shall be considered as lost to the holders of said bonds,

Reimbursable.

and shall only be re-imbursable at the option of the com-
pany. when a more favorable condition of its affairs may
justify the payment of the same.

Nett profits--
how applied.

SEC. 15. And be it enacted, That the actual and rea-
amount of the nett profits of the company, upon which
shall have been predicated the dividends paid in bonds,
as aforesaid, shall be annually appropriated and applied
as follows, to wit: the one-half shall be kept and if ser-
ved and applied from year to year to the gradual increase
of the capital of the company, until it shall reach the sum
of one million of dollars; and the other half shall be ap-
propriated and applied to the gradual increase and ex-
tension of their packet lines; and should the company at
any time decline thus to increase or extend their packet
lines as aforesaid, the funds diverted from that object,
shall go to the gradual increase of its capital until it shall
reach the sura of one million of dollars as aforesaid.

One million of
dollars.

SEC. 16. And be it enacted, That after the capital of
the company shall have reached the sum of one million
of dollars as aforesaid, exclusive of the sums invested in
their steam packet lines, its annual nett earnings shall
then be applied in whole or in part to the further gradual

Redemption.

increase or extension of their said packet lines, or to the
gradual redemption of all its dividend bonds; said re-
demption to be made in regular rotation, beginning by
those oldest in date until they shall have been all re-
deemed; after which it shall be lawful for said company
to pay its dividends in cash instead of issuing bonds for
the same as aforesaid.